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Jul 30, 2012

Download ITR 6 For Online Filing of I-T Return for A.Y. 2012-13

Download ITR 6 For Online Filing of I-T Return for A.Y. 2012-13

Posted: 30 Jul 2012 08:33 PM PDT

Income tax Department has released ITR 6 for online Filing of Income Tax Return For Companies other than companies claiming exemption under section 11 for the Assessment Year 2012-13 / Financial year 2011-12. Although the department has released the Return Preparation Software / Excel utility for ...

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CIT denies exemption u/s. 54F as assessee not even got possession of Land

Posted: 30 Jul 2012 08:30 PM PDT

Exemption under section 54F is subject to the provision of sub-section (4), meaning thereby, the amount of net consideration is to be appropriated towards the purchase of new asset within one year before the date on which the transfer of the original asset took place or if not utilised for the...

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S. 54F exemption available for sum invested in land but non-construction of building due to Court order

Posted: 30 Jul 2012 08:15 PM PDT

The course of events in the instant case shows that the assessee was really contemplating the construction of a residential house. This intention of the assessee is very clear from the fact that within days of the sale of her old property, the assessee had purchased the new site for constructing a...

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Expenses incurred outside India on charitable Purposes confined to India not allowable

Posted: 30 Jul 2012 07:19 PM PDT

It is not in dispute that amount of Rs. 1,95,26,116/- was spent for participating in Hannover Fair held in Germany and for such participation, Steering Committee under the chairmanship of Commerce Secretary was constituted and modalities of participation was decided by the Organizing Committee...

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Download Free e-filing Excel Software for ITR 1, 2, 3, 4, 4S,5, 6 for A.Y. 2012-13

Posted: 30 Jul 2012 05:45 PM PDT

Income Tax Department has enabled online submission of ITR-1 (SAHAJ), ITR-2 & ITR-4S (SUGAM), ITR 5, ITR 6, for Assessment Year 2012-13. These software can be used to file Income Tax Return Online.

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AS-14 is applicable only to amalgamations & not to demerger

Posted: 30 Jul 2012 05:34 PM PDT

It is clarified that AS-14 (i.e. accounting standards issued by the Institute of Chartered Accountants) is applicable only to amalgamations and not to demerger. On a plain reading of the accounting standard under reference, it is clear that the same is applicable only in case of an amalgamation and...

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Taxation of Portfolio Investments referred to GAAR Committee

Posted: 30 Jul 2012 05:08 PM PDT

The Prime Minister had constituted an Expert Committee on GAAR under the Chairmanship of Dr. Partho Shome to engage in a widespread consultation process and finalise the GAAR Guidelines.

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Download ITR 1 ITR 2 ITR ITR4S ITR4 ITR 5 ITR 6 ITR 7 in excel & Pdf format for A.Y. 2012-13

Posted: 30 Jul 2012 05:00 PM PDT

ITR-1 SAHAJ, ITR 2, ITR 3, SUGAM (ITR-4S), ITR-4, I in excel, word and Pdf Format for A.Y. 2012-13 / Financial Year 2011-12. We have uploaded below ITR 1- Sahaj, ITR 2, ITR 3, ITR-4, SUGAM (ITR-4S), in Excel Word and Pdf Format applicable for Assessment year 2012-13 and Financial Year 2011-12.

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Exemption u/s. 11 & 12 can be denied for Investment of borrowed fund by trust in Companies in which founders have substantial interest

Posted: 30 Jul 2012 08:07 AM PDT

The assessee borrowed money and instead of financing in rural areas invested the same in the company 'J,' where the founders of the assessee-trust are having substantial interest, which is contrary to the object of which the registration was granted to the assessee under section 12AA. Apart from...

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Filing of Form 23B without Payment of Fee

Posted: 30 Jul 2012 04:35 AM PDT

As you may be aware, the Ministry of Corporate Affairs vide its circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012. Subsequently, the Ministry vide its circular number 19/2012 dated 27.07.2012 has extended the last date for...

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View on Filing of Cost Audit Reports & Compliance Reports in XBRL Mode

Posted: 30 Jul 2012 03:58 AM PDT

Ministry of Corporate Affairs vide their General Circular No. 18/2012 dated 26th July, 2012 has said that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any...

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Genesis of CDR Mechanism in India

Posted: 30 Jul 2012 02:25 AM PDT

In a notification issued by RBI said that promoters of companies seeking debt recast could be allowed to bring in 50 per cent of their sacrifice upfront and the balance within a period of one year. The RBI's decision follows representation by banks and the Indian Banks' Association that corporates...

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Safe Harbour Provisions to be Finalised soon

Posted: 30 Jul 2012 02:09 AM PDT

The Prime Minister has constituted a Committee to Review Taxation of Development Centres and the IT Sector. The Committee will engage in consultations with stakeholders and related government departments to finalise the Safe Harbour provisions announced in Budget 2010 sector-by-sector. It will also...

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Penalty cannot be waived for mitigating factors such as financial hardship / illness

Posted: 29 Jul 2012 10:24 PM PDT

Perusal of the show-cause notice indicates that the appellant had realised service tax from his client but did not deposit. The mitigating factors of financial condition and illness could have been received consideration, had the appellant not realised service from its clients. Since service tax...

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Service tax paid on courier service used for dispatch of samples abroad eligible for refunded

Posted: 29 Jul 2012 10:20 PM PDT

Counsel submits that service of the courier was used for dispatch of the samples to abroad. When courier service is connected with export and relevancy thereof was not doubted, the appellant cannot be denied relief of credit relating to tax paid for appropriate consequence under different law. Ld....

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No Service tax on supply of Ready Mix Concrete (RMC) at place desired by customer

Posted: 29 Jul 2012 10:20 PM PDT

Appellants are engaged in business of manufacturing Ready Mix Concrete (RMC). While supplying the goods they delivered it at the desired location on site by pumping of the RMC to the spot where it was required. Revenue has made out a case that this activity is covered under 'Commercial &...

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Cenvat Credit when assessee provides both taxable & exempted services

Posted: 29 Jul 2012 10:13 PM PDT

The submission of the learned Counsel for the appellants is that the credit is mostly in respect of capital goods only and there is only a small portion of credit attributable to input services. He submits that the portion of Rule 6(3)(c) will apply only in respect of credit taken in respect of...

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CA Handed 12-Year Directorships Ban

Posted: 29 Jul 2012 10:02 PM PDT

A chartered accountant has been disqualified from acting as a company director for 12 years after a judge found him guilty of 'grossly improper' conduct in respect of his work as liquidator of a large number of companies.

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DGFT – Amendment in General Note for Fuel for the Product Group at Sl. No. 23

Posted: 29 Jul 2012 05:43 PM PDT

Public Notice No.13 (RE:2012)/2009-2014 Description of Sl. No. 23 of General note for fuel in HBP Vol. II has been amended to harmonise it with SION C-593, as modified on 02.06.2011.

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